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Cindy McGrail, whose family own the boat, which is currently moored in Poole, Dorset, said: "In a sense these boats are irreplaceable and part of living history. But for us, Bloodhound became too big a commitment for a small family.

"When Prince Philip sailed it he had a crew of 13 sailors. When he got on deck again this summer he was transformed into a sprightly 17-year-old even though he is in his late eighties and no longer would command it himself.

"We could have taken it to the south of France and got double the asking price. But we want to try and save a national treasure. We have previously had offers of around £750,000.

"We thought about taking Bloodhound to the London boat Show this month, but the costs of cranes and exhibiting would be too great at many thousands of pounds. If all else fails, we will make her an attraction at the Southampton Show."

Even before being bought by the Royal Family, the yacht had earned its place in history as a winner of previous Fastnet Races.

Built in 1936, the yacht is legendary in sailing circles because of its speed and was the most successful in its class right up until the late 1960s because of the number of races it won.

Although the Royal family had Royal Yacht Britannia as their official floating residence, the Queen and Prince Philip bought Bloodhound in 1962 for £12,000 to use for racing as well as cruising. The vessel would accompany Britannia on tours of the UK and was used to help teach the young royals how to sail. Prince Philip would also race her.

After the Royal family sold the vessel in 1969 for £25,000, they never bought a replacement.

Following the boat's restoration - which cost at least £1 million - the family had hoped to sell her for £1.5 million.

But despite its royal pedigree, a buyer has yet to be found.

The McGrails had to remortgage their home and take out numerous bank loans to pay for Bloodhound's restoration.

The cabins have been panelled with the country's last ever supply of a rare wood, Honduras mahogany, which can no longer be imported.

They found a supply of the timber that had been imported in the 1960s and never used.